Shares of U.S.-traded companies based in emerging markets sank on Friday, taking a cue from Wall Street as the price of oil marched higher and a report showed continued weakness in the U.S. housing sector.
The Bank of New York Emerging Markets ADR Index _ which tracks companies based in Brazil, India, Russia and elsewhere _ fell 4.83 points, or 1.26 percent, to 379.62.
On the New York Mercantile Exchange, crude gained $1.38 to settle at $132.19. Meanwhile, the National Association of Realtors reported existing home sales declined 1 percent in April, while the backlog of unsold single-family homes rose to its highest level in more than two decades.
The biggest decliner was India-based Internet provider Rediff.com, which gave up 86 cents, or 10.1 percent, to $7.65 after reporting its fiscal fourth-quarter profit fell by half to $1.02 million, or 3 cents per ADR, from $4 million, or 7 cents per ADR a year ago.
China-based mobile phone network operator Linktone Ltd. slid 22 cents, or 9.4 percent, to $2.13 after it reported a deeper first-quarter loss.
Advertising provider Visionchina Media Inc. lost $1.40, or 6.9 percent, to $18.79.
Among the gainers, solar company China Sunergy Co. advanced $1.20, or 11 percent, to $12.10.
China Netcom Group Corp. rose $6.53, or 10.5 percent, to $68.50.
China-based oil and gas equipment maker WSP Holdings Ltd. climbed 68 cents, or 9.3 percent, to $7.99.
The Bank of New York Composite ADR Index fell 2.05 points, or 1.1 percent, to 183.47.
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